OppenheimerFunds Founder to Retire

Leon Levy, who launched the first Oppenheimer mutual fund in 1959 and founded the companys now-famous mutual fund unit the following year, will retire this month as chairman.

Clayton Yeutter will assume the role of chairman of the board, overseeing the companys 31 funds, on Jan. 1. Yeutter has served on the board since 1991 and was a U.S. Trade Representative from 1985 to 1989. He was also U.S. Secretary of Agriculture from 1981 to 1991 and was president and CEO of the Chicago Mercantile Exchange.